Virtusphere Shark Tank Net Worth 2023
Virtusphere appeared on Shark Tank in 2009 and was valued at $15 million during the pitch. In 2021, the company had a net worth of $5 million.
The founders of Virtusphere, Ray Latypov and Jim Dimascio, sought a $1.5 million investment in exchange for 10% of their company.
They did not receive an investment from any of the Sharks. Since appearing on Shark Tank, Virtusphere has shipped nearly $10 million worth of product and raised over $20 million from investors.
There is no information available about Virtusphere’s net worth in 2023. It is important to note that predicting a company’s net worth several years into the future is difficult due to market volatility and other factors that can impact a company’s financial performan
What is Virtusphere? Who is the founder of Virtusphere?
The Virtusphere is a spherical virtual reality device, consisting of a 10-foot hollow sphere placed on a platform that enables it to rotate freely in any direction based on the user’s movements.
It was created by Ray and Nurulla Latypov, and their company, Virtusphere Inc., is located in Binghamton, New York.
The device operates using computer-generated simulations and virtual worlds, and it spins as the user walks, creating the illusion of walking on an infinite plane.
A wireless head-mounted display with gyroscopes is utilized to track the user’s head movements and display the virtual world’s surroundings.
The Virtusphere has various applications, including fitness, video games, military training, and virtual museum visits.
The Virtusphere is sometimes referred to as a virtual hamster ball, as it is a large plastic orb intended to replicate reality for the user.
However, it is not just for entertainment purposes, as it can also be used to simulate high-risk and dangerous scenarios in a controlled setting, making it a valuable tool for training military and law enforcement professionals.
Once a user becomes accustomed to the device, they can move around freely, running, jumping, and acting as if they are in a real-world environment.
However, the Virtusphere is not a mass-market product, as it is quite expensive, costing around $50,000, and its large size makes it challenging to sell. The sphere has a diameter of 10 feet and an interior of 100 square feet.
Virtusphere Shark Tank Pitch
Ray Latypov and Jim Dimascio, the creators of the Virtusphere, decided to present their invention to the investors on the popular TV show Shark Tank, in the hopes of securing a partnership.
The two visionary entrepreneurs entered the show with a clear goal in mind: they sought a $1.5 million investment for a 10% stake in their company, which they valued at $15 million.
Their primary objective was to use the funds to target 59 US military sites aggressively, as well as explore the possibility of using their product as a recruitment marketing tool.
However, the Sharks had a different perspective on the Virtusphere. Although Kevin O’Leary was intrigued and amused by the product, he was the first Shark to opt out.
He recognized its potential but believed it was too expensive and too large to be successful in the mainstream market.
Other Sharks, such as Kevin Harrington, Barbara Corcoran, and Daymond John, also declined to invest in the Virtusphere, citing concerns about liability, marketability, and lack of relevant connections, respectively.
Only Robert Herjavec had a clear understanding of the product, but he also ultimately decided to pass on the opportunity.
Despite leaving the show without a deal, the Virtusphere still found success through direct sales. The company’s website has sold the virtual reality simulator to a dozen customers, including military facilities, medical centers, and research institutions.
Additionally, the Virtusphere has been purchased by customers in Germany, Russia, Switzerland, and the United Kingdom.
The company attempted to raise funds for their 360specs virtual reality headset through a Kickstarter campaign in August 2013, but the fundraising effort fell far short of its $100,000 goal.
As of July 2021, the Virtusphere is still in operation with an annual revenue of $3 million.
Who are the Competitors of Virtusphere?
The primary competitor of Virtusphere is: TheZeroVR, Cyberith Virtualizer and FOVE VR.
Net Worth of Virtusphere
During the pitch the company was valued at $15 million. In 2021 the company has a net worth of $5 million.
Virtusphere FAQs
What is Virtusphere?
Virtusphere is a virtual reality device with a spherical shape. It is made out of a 10-foot hollow sphere that is put on a specific platform that allows the sphere to freely rotate in any direction according to the user’s movements.
Who is the founder?
Ray and Nurulla Latypov founded the Virtusphere, and their firm, Virtusphere Inc., is situated in Binghamton, New York.
How much were they asking on Shark Tank?
They were asking for $1.5 million for 10% stake of their company.
Did they get the deal?
No, they didn’t get the deal.
Is Virtusphere still in business?
Yes, the business is still in business as of July 2021.
How much revenue is Virtusphere generating?
It generated $3 million in revenue in the year 2021.
What are the competitors of Virtusphere?
The primary competitors of Virtusphere are: TheZeroVR, Cyberith Virtualizer and FOVE VR.
How much does Virtusphere cost?
The Virtusphere costs $50,000.
How do I purchase Virtusphere?
One can buy it from the official website of the company.
What is the virtual reality device?
A virtual reality device is a computer system used to generate interactive real-time, three-dimensional environments which can be explored and interacted with by a person.
Though virtual reality as an area of research dates back to the 1960s, it wasn’t until the 1980s that new technologies such as better computers and biometric monitoring entered the market, which led to the development of consumer virtual reality technology.
How does it work?
The Virtusphere works with the user’s body movements to control a virtual environment that can be explored and interacted with.
The movements are captured by sensors, analyzed by a brain-computer interface, and converted into electronic signals which then read information from input devices such as mouse or keyboard.
The signals are stored on the solid state storage of the computer in real time.
Is Virtusphere safe?
Yes it is safe as it has electronic protection to capture the brain signals of users.
What is a HUD?
A head-up display (HUD) is any transparent display that presents data without requiring users to look away from their usual viewpoints.
The origin of the term stems from a pilot being able to see essential data projected on the HUD instead of looking down at instrument panel.
How Virtusphere does make money?
It makes money through the virtual reality sales of the product.
How do we rate Virtusphere?
Virtusphere is a very good investment. It’s a safe investment as there’s no risk of legal issues with the firm. It has proven itself to be very successful since it is still in business and generating tremendous revenue.
There are not many companies as of this moment that has achieved success and growth like Virtusphere has had over the past few years.
It also seems to be on the right track, being able to add more growth to its revenue in the short term and long term.
Is Virtusphere legit?
Yes, the business is legit.
Is Virtusphere accepting PayPal?
No, they do not take PayPal.
Is Virtusphere SEC-compliant?
No, they are not SEC-compliant.
What is the net worth of Ray Latypov?
Ray Latypov net worth is $12 Million.
What is the net worth of Jim Dimascio?
Jim Dimascio net worth is $5 Million.
